| GOODWILL AND OTHER INTANGIBLE ASSETS |
NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill and other intangible assets, net consisted of the following at March 31, 2019 and December 31, 2018:
|
|
|
2019
|
|
|
2018
|
|
|
Goodwill
|
|
$
|
1,091,000
|
|
|
$
|
1,091,000
|
|
|
Other intangible assets:
|
|
|
|
|
|
|
|
|
|
Patents
|
|
|
13,485,000
|
|
|
|
13,485,000
|
|
|
Customer relationships
|
|
|
3,400,000
|
|
|
|
3,400,000
|
|
|
Trademarks
|
|
|
2,880,967
|
|
|
|
2,880,967
|
|
|
Non-compete agreements
|
|
|
660,000
|
|
|
|
660,000
|
|
|
Internally-developed software
|
|
|
138,265
|
|
|
|
126,015
|
|
|
Other intangible assets, gross
|
|
|
20,564,232
|
|
|
|
20,551,982
|
|
|
Less: accumulated amortization
|
|
|
(12,038,946
|
)
|
|
|
(11,661,730
|
)
|
|
Other intangible assets, net
|
|
|
8,525,286
|
|
|
|
8,890,252
|
|
|
Goodwill and other intangible assets, net
|
|
$
|
9,616,286
|
|
|
$
|
9,981,252
|
|
For the three months ended March 31, 2019 and 2018 amortization expense related to the other intangible assets was $377,216 and $375,732, respectively.
Estimated future amortization expense is as follows:
|
Twelve Months Ending March 31,
|
|
Total
|
|
|
2020
|
|
$
|
1,512,947
|
|
|
2021
|
|
|
1,441,958
|
|
|
2022
|
|
|
1,401,267
|
|
|
2023
|
|
|
823,263
|
|
|
2024
|
|
|
252,930
|
|
|
Thereafter
|
|
|
3,092,921
|
|
|
Total amortization
|
|
$
|
8,525,286
|
|
|